Question 1

What type of license will you receive if you have a supervising broker at the time of application?

Options :

A : Active license

B : Brokers license

C : Firm license

D : Inactive license

Answer: A

Question 2

Which of the following best describes the concept of appreciation?

Options :

A : When a property's value increases as a result of capital improvements.

B : When losses are deducted from a property's value for tax purposes.

C : When the value of a property decreases over time.

D : When the value of a property increases over time.

Answer: D

Question 3

What must an agent do if they receive an undisclosed bonus from a seller to incentivize closing by a certain date?

Options :

A : The agent can accept the bonus without any disclosure requirements.

B : The agent must disclose the bonus to any buyers they are working with on the transaction.

C : The agent should keep the bonus confidential and not inform the broker.

D : The agent should pay the bonus to the broker.

Answer: B

Question 4

Which photograph of a home for sale should not be published for public viewing?

Options :

A : An exterior photo showcasing the pool and outdoor kitchen/bar area

B : A photo of the billiards room that reveals the owner's collection of antique guns

C : A photo of the master bathroom that also shows the photographer's arm reflected in the mirror

D : A wide-angle photo of the renovated kitchen that makes the area look larger than it really is

Answer: B

Question 5

The cost approach to finding an appraised value measures which of the following?

Options :

A : The cost to acquire land and construct a reproduction

B : The cost to acquire land only

C : The cost to construct a reproduction only

D : The expenses the property is expected to produce for the owner

Answer: A